23 Jan 2014
Flash: What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
FXstreet.com (Edinburgh) - The EUR is marching buoyant above the 1.3600 handle on Thursday, following above-expectations PMI prints from the euro area during January.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “We note the Elliot wave 5 counts on the intraday charts and these imply that 1.3516/1.3495 (the 38.2% retracement of the move up from July 2013) will hold the initial test and provoke some consolidation. Rallies should ideally remain capped 1.3576/1.3611 (the short term downtrend and 55 day ma)”.
Emmanuel Ng, Strategist at OCBC Bank, observed “Markets may continue to fade upside moves in the EUR/USD ahead of the FOMC next week. If 1.3565 is not challenged successfully multi-session, expect the pair to be drawn towards the 1.3500 area instead”.
In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “We note the Elliot wave 5 counts on the intraday charts and these imply that 1.3516/1.3495 (the 38.2% retracement of the move up from July 2013) will hold the initial test and provoke some consolidation. Rallies should ideally remain capped 1.3576/1.3611 (the short term downtrend and 55 day ma)”.
Emmanuel Ng, Strategist at OCBC Bank, observed “Markets may continue to fade upside moves in the EUR/USD ahead of the FOMC next week. If 1.3565 is not challenged successfully multi-session, expect the pair to be drawn towards the 1.3500 area instead”.